Morgan Stanley placed a moratorium on foreclosing on some home loans to give the government time to launch a $50 billion mortgage relief program. The moratorium announcements come days after major bank chief executives committed to pausing mortgage foreclosures at a Congressional hearing.
Although I wonder about Morgan Stanley’s ability to govern or be heard by Saxon, the moratorium applies to the bank’s Saxon unit, which collects payments on loans. Morgan Stanley’s moratorium started this week, and will last until March 6.
My efforts with Saxon give’s one the impression that the company is running wild, much like the way HSBC Finance ignores HSBC in England. Both fit the description of predatory lenders.
Halting foreclosures now does little for those who already lost their homes, and little for realtors frustrated by shortsales from Saxon.